The World Bank Implementation Status & Results Report PACIFIC RESILIENCE PROJECT UNDER PACIFIC RESILIENCE PROGRAM (P155257) PACIFIC RESILIENCE PROJECT UNDER PACIFIC RESILIENCE PROGRAM (P155257) EAST ASIA AND PACIFIC | Marshall Islands | Social, Urban, Rural and Resilience Global Practice Global Practice | IBRD/IDA | Investment Project Financing | FY 2015 | Seq No: 9 | ARCHIVED on 11-Feb-2019 | ISR35973 | Implementing Agencies: Republic of the Marshall Islands, Ministry of Finance Key Dates Key Project Dates Bank Approval Date: 19-Jun-2015 Effectiveness Date: 15-Oct-2015 Planned Mid Term Review Date: 02-Dec-2019 Actual Mid-Term Review Date: -- Original Closing Date: 30-Nov-2020 Revised Closing Date: 31-Oct-2023 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) To strengthen the financial protection of the Republic of Marshall Islands. Has the Project Development Objective been changed since Board Approval of the Project Objective? Yes Board Approved Revised Project Development Objective (If project is formally restructured) To strengthen the financial protection of the Republic of the Marshall Islands from natural disasters. Components Table Name Component 1: Strengthening Early Warning and Preparedness Component 2: Risk Reduction and Resilient Investments Component 3: Disaster Risk Financing:(Cost $4.00 M) Component 4: Project and Program Management Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Satisfactory Satisfactory Overall Risk Rating Moderate Moderate Implementation Status and Key Decisions Progress towards achieving the development objective and implementation progress have both been rated Satisfactory since November 2015, and the PDO is expected to be achieved. While no covered (insured) event has taken place in RMI, under the pilot Pacific Catastrophe Risk Assessment and Financing Initiative, Vanuatu received a payment after Tropical Cyclone Pam in 2015, and Tonga (under the Pacific Resilience Program) received a payment after Tropical Cyclone Gita (2018), both within one month of the respective insured disasters (the PDO-level indicator 2/11/2019 Page 1 of 4 The World Bank Implementation Status & Results Report PACIFIC RESILIENCE PROJECT UNDER PACIFIC RESILIENCE PROGRAM (P155257) for the Program is that “Participating PICs have received payment within a month of the occurrence of a covered (insured) event”). The regional catastrophe insurance pool has achieved premiums lower than the simulated price for a comparable coverage purchased individually in the market. Additional Financing for the Project was approved on September 27, 2018 and became effective on November 7, 2018. The additional grant is enhancing the project's impact by covering the payment for disaster insurance premiums for an additional five years (starting in 2019), to provide insurance cover until October 2023. This will ensure that RMI continues to have access to catastrophe risk insurance as part of strengthening financial protection against natural disasters. The project is in compliance with the legal covenants, fiduciary and safeguard policies. There are currently no overdue audit reports. The audit for the year ended 30 September 2018 is not due until 31 May 2019. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Moderate Moderate Moderate Macroeconomic Moderate Moderate Moderate Sector Strategies and Policies Substantial Moderate Moderate Technical Design of Project or Program Low Low Low Institutional Capacity for Implementation and Sustainability Substantial Substantial Substantial Fiduciary Substantial Moderate Moderate Environment and Social Low Low Low Stakeholders Moderate Moderate Moderate Other Substantial Moderate Moderate 2/11/2019 Page 2 of 4 The World Bank Implementation Status & Results Report PACIFIC RESILIENCE PROJECT UNDER PACIFIC RESILIENCE PROGRAM (P155257) Overall Substantial Moderate Moderate Results PDO Indicators by Objectives / Outcomes To strengthen the financial protection of the Republic of Marshall Islands from natural disasters. IN00668530 ►Participating PICs have received payment within a month of the occurrence of a covered (insured) event. (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 100.00 Date 19-Jun-2015 18-Jul-2018 11-Feb-2019 31-Oct-2023 Intermediate Results Indicators by Components Component 3: Disaster Risk Financing IN00668531 ►The premiums are lower than the simulated price for a comparable coverage purchased individually in the market. (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 06-Aug-2015 17-Jul-2018 11-Feb-2019 31-Oct-2023 Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P155257 IDA-D0790 Effective USD 1.50 1.50 0.00 1.50 0.03 98% P155257 IDA-D3770 Effective USD 2.50 2.50 0.00 0.50 2.01 20% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P155257 IDA-D0790 Effective 19-Jun-2015 24-Jul-2015 15-Oct-2015 30-Nov-2020 30-Nov-2020 2/11/2019 Page 3 of 4 The World Bank Implementation Status & Results Report PACIFIC RESILIENCE PROJECT UNDER PACIFIC RESILIENCE PROGRAM (P155257) P155257 IDA-D3770 Effective 27-Sep-2018 22-Oct-2018 07-Nov-2018 31-Oct-2023 31-Oct-2023 Cumulative Disbursements Restructuring History Level 2 Approved on 05-Oct-2017 Related Project(s) P166974-Additional Financing for the Pacific Resilience Project under the Pacific Resilience Program 2/11/2019 Page 4 of 4